Interaction between financial and fiscal crises, contagion effects and desirable policy response
| Project/Area Number |
26285059
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| Research Category |
Grant-in-Aid for Scientific Research (B)
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| Allocation Type | Partial Multi-year Fund |
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| Section | 一般 |
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| Research Field |
Economic policy
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| Research Institution | Keio University |
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Principal Investigator |
IKEO Kazuhito 慶應義塾大学, 経済学部, 教授 (00135930)
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| Co-Investigator(Kenkyū-buntansha) |
土居 丈朗 慶應義塾大学, 経済学部, 教授 (60302783)
小林 慶一郎 慶應義塾大学, 経済学部, 教授 (60371184)
寺井 公子 慶應義塾大学, 経済学部, 教授 (80350213)
別所 俊一郎 慶應義塾大学, 経済学部, 准教授 (90436741)
北尾 早霧 慶應義塾大学, 経済学部, 教授 (50769958)
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| Project Period (FY) |
2014-04-01 – 2017-03-31
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| Project Status |
Completed (Fiscal Year 2016)
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| Budget Amount *help |
¥17,550,000 (Direct Cost: ¥13,500,000、Indirect Cost: ¥4,050,000)
Fiscal Year 2016: ¥4,160,000 (Direct Cost: ¥3,200,000、Indirect Cost: ¥960,000)
Fiscal Year 2015: ¥6,630,000 (Direct Cost: ¥5,100,000、Indirect Cost: ¥1,530,000)
Fiscal Year 2014: ¥6,760,000 (Direct Cost: ¥5,200,000、Indirect Cost: ¥1,560,000)
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| Keywords | 経済危機 / 危機管理対応 / コンティジョン / 金融システム / 財政健全化 / コンテイジョン |
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| Outline of Final Research Achievements |
We quantitatively evaluated the effect of institutional reforms necessary to avoid the outbreak of fiscal crisis and also considered the fiscal problems from political-economic viewpoint. Contagion from a fiscal crisis to a financial crisis could be caused by the chain that in a fiscal crisis, the collapse of government bond prices inevitably occurs and balance sheets such as banks are seriously damaged since financial institutions such as banks hold a large amount of government bonds. It was pointed out that the implementation of large-scale accommodative monetary policy in recent years has transformed the character of this chain. Moreover, it was showed that the swollenness of outstanding government bonds had depressive effects on the economy even if it did not arrive at a fiscal crisis.
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Report
(4 results)
Research Products
(51 results)
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[Book] 財政と民主主義2017
Author(s)
加藤創太、小林慶一郎（編著）
Total Pages
311
Publisher
日本経済新聞出版社
Related Report
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